Abu Dhabi-based Multiply Group has acquired a 67.91% stake in Spanish clothing company Tendam for Dh5.6 billion ($1.5 billion), marking its first major investment in the European retail sector.
The deal gives Multiply Group control of one of Europe’s largest omnichannel fashion retailers, which operates over 1,800 points of sale across more than 80 markets. Tendam, headquartered in Madrid, owns brands including Cortefiel, Springfield, and Women’secret.
The transaction will see Tendam integrated into Multiply’s newly formed retail and apparel vertical. According to Multiply Group, the acquisition is expected to enhance its operational EBITDA and expand its presence in consumer-facing sectors.
Tendam reported annual sales of EUR 1.4 billion ($1.5 billion) as of the second quarter of 2025. The group ranks as Spain’s second-largest apparel retailer by market share.
The acquisition comes as Multiply Group continues to diversify its holdings beyond the UAE, having previously invested in sectors such as media, utilities, and mobility. The move into retail follows a broader trend of Gulf-based investment firms seeking overseas expansion through controlling stakes in established foreign businesses.
